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News Now

CU System
CUs exempt from Ohio cramdown bill
COLUMBUS, Ohio (4/9/09)--Ohio credit unions are among the key stakeholders who successfully lobbied the Ohio legislature to tone down a proposed bill aimed at reducing mortgage foreclosures. The revised version of House Bill 3 introduced this week still imposes a six-month moratorium on foreclosures, but credit unions and community banks are exempt if they service the loans as part of the local institution’s portfolio. The latest version also reduces common pleas judges’ ability to modify mortgages and takes away judges’ authority to “cramdown” a loan’s principal. Those changes are in line with positions taken by the Ohio Credit Union League, which continues to examine the bill’s impact on credit unions. “We do not believe there should be judicial loan modification,” said league General Counsel John Kozlowski. He said legislators like Rep. Mike Foley, the chairman of the Ohio House of Representatives’ Housing and Urban Revitalization Committee and the bill’s co-sponsor, understand that credit unions already use workouts and modifications to help members stay in their homes. That message was reinforced last week when more than 80 leaders from Ohio credit unions visited the state Capitol to meet with legislators. Kozlowski said mortgage legislation was often the focus during meetings with Rep. Foley and other legislative leaders.


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